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Rating:A 276-Employee Fund Firm Goes Private Not Rated 5.0 Email Routing List Email & Route  Print Print
Tuesday, October 25, 2022

A 276-Employee Fund Firm Goes Private

Reported by Neil Anderson, Managing Editor

A 52-year-old, 276-employee (as of September 30), Empire State mutual fund firm has gone private via a $293-million deal, as expected. The acquired asset manager spent nearly 11 years as a publicly traded company.

Marc O. Mayer
Manning & Napier, Inc.
Chairman, CEO
On Friday, James Morrow, founder and CEO of Callodine Group LLC, and Marc Mayer, CEO of Manning & Napier, Inc. [profile], confirmed that Boston-based Callodine has closed on its acquisition of Fairport, New York-based Manning. Manning was previously traded on the NYSE under the ticker "MN."

"We are excited to complete the acquisition of Manning & Napier and look forward to building upon the company's longstanding tradition of providing both a strong investment culture and customized advisory solutions to clients," Morrow states. "Our teams have already begun to collaborate on finding new ways to continue to enhance the overall client experience, and I look forward to seeing what we will achieve together as partners."

Callodine Group's businesses now have about $20 billion in AUM. In addition to Manning, Callodine Group's subsidiaries include: Callodine Capital Management, which specializes in long/short and long-only investing in dividend-paying equities; Callodine Commercial Finance, an asset-based loan provider to middle market companies; Callodine Strategic Credit, a mezzanine debt and structured capital solutions provider to lower middle market companies; Rand Capital Management, manager of a publicly traded BDC; and Thorofare Capital, a commerical real estate lending firm.

Mayer describes the closing of the Manning-Callodine deal as "the beginning of the next chapter" for Manning & Napier.

"Thank you to our clients, shareholders, employees and the Callodine team for their unwavering support and dedication over the past several months as we worked tirelessly towards this end," Mayer states. "We believe this partnership will strengthen our ability to drive superior results and advice for our clients in the decades to come."

Callodine's planned purchase of Manning was first unveiled back in April. The deal was initially expected to close by the end of the third quarter of this year, but the deal was delayed a bit last month. 

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